Altfest News
Building a Family Practice Over 40 Years
Article
By Kevin Adler | NAPFA Advisor
Lewis and Karen Altfest of Altfest Personal Wealth Management
The story of New York City-based Altfest Personal Wealth Management is unusual, if not unique, in the annals of early Fee-Only firms.
Soon after Lewis Altfest launched his advisory business in 1983, his wife, Karen, marched through the door and declared that she would take a significant role as well. They have led the firm ever since. “We complement each other,” says Lew, the firm’s CEO and holder of a Ph.D. in investment analysis, as well as the CFA®, CFP®, CPA®, and PFS® credentials. “I’m more analytical, and she’s more social.”
With both parents as principals, the business was family dinner table conversation to the extent that their son Andrew is now president and will continue to run Altfest Personal Wealth Management when Karen and Lew retire. “In our family, there was no separation of talking business and pleasure,” says Karen, executive vice president, who also holds a Ph.D.
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Lewis J. Altfest, CFA, CFP, CPA, PFS, Ph.D
Lew directs the firm’s Investment and Leadership Committees and leads the Portfolio Action Group which sets investment strategy for client portfolios. Prior to founding the firm in 1983, he was a General Partner and Director of Research for Lord Abbett & Co., a large mutual fund and investment management company that manages more than $100 billion in assets. Lew was the sole recipient of the 2007 Charles R. Schwab IMPACT Award® – arguably the highest distinction in the profession – for his sustained vision, outstanding leadership and client commitment.
Lew lectures frequently to investors, pre-retirees and retirees as well as to other financial professionals. Lew received his Ph.D. from the Graduate Center of the City University of New York (CUNY). He has an MBA from New York University and a BBA from Baruch College. He also holds the CFA, CFP®, CPA and PFS designations.
Karen C. Altfest, CFP, Ph.D
Karen helps many of the firm’s clients on a variety of investment and financial planning issues, and specializes in helping women clients and widows. Karen’s Financially Savvy Woman® programs, including the Women’s Financial $pa®, are popular with clients. Her focus is to educate and empower women.
Karen is frequently a speaker on the subject of women and money, and conducts educational seminars for recent widows and people looking to retire. Karen is a graduate of McGill University in Montreal, holds BA and MA degrees from Hunter College, and holds the CFP® designation. Karen received her Ph.D. in history from the Graduate Center of the City University of New York (CUNY).
She was the Co-Director of the Financial Planning and Investments Program at The New School in New York City and the Coordinator of the Financial Planning program, a professional program for financial planners, which she originated at Pace University in White Plains, N.Y.